Never miss an issue of Master Investor Magazine – sign-up now for free!
Metrobank (LON:MTRO) said that total revenues for the nine months ended 30th September were up by 41% at £294.8 million. Statutory profits for the period were 210% higher at £34.4 million. However, margins fell noticeably and management said that it expects competitive trends in the mortgage market to mean these get even tighter going forward.
Chief executive Craig Donaldson said: “The first nine months of 2018 show another strong performance from Metro Bank. We delivered double digit growth in deposits, record lending growth year-on-year and for the fourth successive quarter exceeded £1 billion in net lending. Profit trebled to £39.2 million and we welcomed over 300,000 new customer accounts to the Revolution.
“Our integrated, frictionless model – stores, online, mobile and phone – combined with superior service is a winning formula for our customers. We have continued to invest in our mobile services and have harnessed the power of Artificial Intelligence with the launch of our new Insights tool. Our commitment to service remains as strong as ever and it was fantastic to have that validated by the inaugural CMA survey in August. We were second for overall service quality in both personal and business banking, and the only provider to be ranked top five for qualifying business and personal services.”
Shares in Metro Bank dropped by 6.37% to 2,410p (as of 10:50 BST).